21 June, 2021

He Does It Without Boasting

In this collection of recent material, a master foreteller of economic phenomena dazzles with his unpacking of the complex interplay between polity and finance

Photograph by PTI
He Does It Without Boasting

There has been a welcome ups­urge in the quality and quantity of public discourse on matters of economic policy and polity in the last few days. After a self-imposed silence of a year, Raghuram Rajan, former governor of the RBI, is here for the release of his new book. It’s not a memoir of a central banker, of which there have been many. Rajan aquired global stature by first red-flagging the fragility of the Western financial system while everyone was ‘dancing to the music’ and then laying bare in his 2010 bestseller Faultlines the underlying socio-eco­no­mic causes, in particular the growing inequality of opportunity in the US, leading up to the mortgage crisis.

His new book is a compilation of speeches and writings already available in the public domain, most pertaining to the three years with the RBI. There are the more notable ones from the past, included presumably to clarify that Rajan has never been a professional with blinkers. He has always delved into a variety of issues and been forthright in advising caution, gaining...

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